Creation of the Guam Memorial Hospital Authority Pharmaceuticals Fund

There is hereby created, separate and apart from other funds of the government of Guam, a fund known as the “Guam Memorial Hospital Authority Pharmaceuticals Fund.” This Fund shall not be commingled with the General Fund and shall be kept in a separate bank account of which GMHA will be authorized to withdraw from the funds. Six and nineteen hundredths percent (6.19%) of all Business Privilege Taxes collected in Guam shall be deposited in the Guam Memorial Hospital Authority Pharmaceuticals Fund and shall be appropriated by I Liheslaturan Guåhan to fund all pharmaceutical, drug, medical supplies, medical equipment, blood and blood products, and medicine requirements for the Guam Memorial Hospital. The Department of Administration shall deposit, on the last day of each month, a sum equal to six and nineteen hundredths percent (6.19%) of all Business Privilege Taxes collected for that month in the Guam Memorial Hospital Authority Pharmaceuticals Fund. The Department of Administration shall be required to first and foremost fund the Guam Memorial Hospital Authority Pharmaceuticals Fund prior to distribution to any other source in accordance with the provisions of this requirement. The Guam Memorial Hospital Authority Pharmaceutical Fund will not be subject to I Maga’hågan/Maga’låhen Guåhan’s transfer authority or any method of withholding of appropriations that may be imposed by the Bureau of Budget and Management Research (BBMR).